Economic Beat

Playing Catch-Up

Jobs are still rising from last fall's GDP jump

EMPLOYMENT GAINS CONTINUE to disappoint, at least as reported in the nonfarm payroll survey issued Friday. Payrolls in January and February increased by a monthly average of only 46,000 per month since their low in August-September.

But don't believe it. Employment gains must have averaged 100,000 over this period, and probably more.

Before I explain why I think so, and what it implies for the future, a word on why I don't pay...